Surrounded by the Aegean, Black and Mediterranean Seas, as well as seven European and Asian countries, Turkey stands at the point where both East and West converge into one. It is a beautiful country that boasts incredible coastlines, tall mountains and dry deserts, attracting hordes of tourists from all over.
In December 2013, Time Magazine named Turkey the 6th hottest real estate market in the world, having experienced a 12.5% increase in home prices over the course of that year. What's more, for the second time since 2012, Turkey has been awarded the title of "greatest improvement" on the Global Real Estate Transparency index among 97 markets.
However, up until 2003 foreigners were unable to purchase property in Turkey. But over the past decade a number of laws have been implemented to allow international citizens to purchase in various areas of the country.
According to TurkStat, 18,959 houses were sold to foreigners in 2014, with the beautiful Antalya being the destination of choice, followed closely by Istanbul.
As stated by propertyturkey.com, Turkish real estate sales by foreigners are set to top $5 billion this year.1
For several reasons, this number is expected to increase in 2015:
1. The Stunning Coastlines
Turkey is abundant with historical culture and beautiful, unspoiled beaches that border the clear blue waters of the Mediterranean Sea. Comparable to Sardinia in Italy and Cote D'Azur in Spain, the £100k coastal properties of Turkey offer an affordable and smart option for foreign buyers.
2. The Cost of Living
Property taxes, education, food and travel costs are significantly lower than in comparable locations.
3. Travel and Weather
The warm winters, as well as the increasing frequency of year-round flights out of major European countries into Turkey, has increased the appeal and ease with which foreigners can vacation in Turkey.
Based on the diversity of Turkey, the beautiful locations and a 4 hour flight radius to both Asia and Europe, it's no wonder that foreign buyers have been flocking to get their hands on prime beach-front real estate!
Brianna MacNeil is the Global Account Manager at RESAAS. When not destroying others at Settlers of Catan, she likes to climb big ol' mountains to check out pretty sunsets - her favourite colour being sky blue pink with buttermilk stripes (also her favourite ice cream flavour). Check out her RESAAS profile ›
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by Brianna MacNeil